Friday afternoon, the Clippers announced Neil Olshey had agreed in principle to return to the team, presumably with a long-term contract. Monday afternoon, the Clippers announced that the organization and Olshey were parting ways.

Multiple reports have Olshey accepting the GM position with the Portland Trail Blazers.

Here's the full statement from the team:

The Los Angeles Clippers and Neil Olshey today mutually agreed to end discussions concerning Olshey's future with the team. An agreement in principle, reached and announced on June 1, will not be completed and the two parties have agreed to part ways.

"Circumstances have obviously undergone some movement since our announcement Friday. In light of that, we want to wish Neil well and acknowledge his contributions during the time he spent with the Clippers," said Clippers' President Andy Roeser.

A search for a replacement is already underway, headed up by Roeser. In the interim, all responsibilities pertaining to the team's basketball operations will be absorbed by Roeser, Head Coach Vinny Del Negro, and Clippers' Director of Player Personnel Gary Sacks.

Roeser, one of the longest-tenured executives in the National Basketball Association, recently completed his 28th season with the Clippers.

Prior to being named Head Coach of the Chicago Bulls in 2008, Del Negro served as Assistant General Manager of the Phoenix Suns during the 2007-08 season and Director of Player Personnel for the Suns for the 2006-07 campaign.

Sacks, who just completed his 18th season with the Clippers, has served as Director of Player Personnel for the past two years. Sacks held the position of Director of Scouting/Assistant Director of Player Personnel for the previous five seasons.

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According to a report in The Oregonian, the Blazers swept in after contract negotiations with the Clippers broke down. The story also said that the Blazers will introduce Olshey as their new general manager in a Tuesday afternoon press conference.

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